Updater Services IPO subscribed 6 pc on Day 1 of offer

The Initial Public Offering IPO of integrated facilities management company Updater Services received 6 per cent subscription on the first day of bidding on Monday. Updater Services has raised Rs 288 crore from anchor investors.The initial share sale, with a price band of Rs 280-300 per share, will be open for public subscription till September 27.

The Initial Public Offering (IPO) of integrated facilities management company Updater Services received 6 per cent subscription on the first day of bidding on Monday. The initial share sale received bids for 6,94,650 shares against 1,19,99,999 shares on offer, as per data available with the NSE. The portion for Retail Individual Investors (RIIs) was subscribed 29 per cent while the quota for non-institutional investors got 1 per cent subscription. The Rs 640-crore IPO has a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 80 lakh equity shares by a promoter and existing shareholders. Updater Services has raised Rs 288 crore from anchor investors.

The initial share sale, with a price band of Rs 280-300 per share, will be open for public subscription till September 27. Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and general corporate purposes. The company offers integrated facilities management services and business support services to its clients. It caters to customer segments across sectors such as FMCG, manufacturing and engineering, BFSI, healthcare, IT/ITes, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail. IIFL Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the managers to the offer.

Equity shares of the company will be listed on the BSE and the NSE.

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